Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to First Interim Final Rule
Summary
SBA interim final rule, Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to First Interim Final Rule, 13 CFR Part 120, Docket No. SBA-2020-0035, RIN 3245-AH49. It revises SBA's interim final rule posted on April 2, 2020 to conform to the Paycheck Protection Program Flexibility Act of 2020, signed on June 5, 2020, changing key provisions such as loan maturity, deferral of loan payments, forgiveness and the use of loan proceeds. The changes include a covered period ending on December 31, 2020 instead of June 30, 2020, and a minimum maturity of five years for PPP loans made on or after June 5, 2020. The forgiveness and deferral provisions are effective March 27, 2020 and the maturity provision June 5, 2020.
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SMALL BUSINESS ADMINISTRATION
13 CFR Part 120
[Docket No. SBA-2020-0035]
RIN 3245-AH49
Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to
First Interim Final Rule
AGENCY: U.S. Small Business Administration.
ACTION: Interim final rule.
SUMMARY: On April 2, 2020, the U.S. Small Business Administration (SBA) posted an
interim final rule relating to the implementation of sections 1102 and 1106 of the Coronavirus
Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act
temporarily adds a new product, titled the “Paycheck Protection Program,” to the U.S. Small
Business Administration’s (SBA’s) 7(a) Loan Program. Subsequently, SBA issued a number of
interim final rules implementing the Paycheck Protection Program. On June 5, 2020, the
Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) was signed into law,
amending the CARES Act. This interim final rule revises SBA’s interim final rule posted on
April 2, 2020, by changing key provisions, such as the loan maturity, deferral of loan payments,
and forgiveness provisions, to conform to the Flexibility Act. SBA also is making conforming
amendments to the use of PPP loan proceeds for consistency with amendments made in the
Flexibility Act. Several of these amendments are retroactive to the date of enactment of the
CARES Act, as required by section 3(d) of the Flexibility Act.
DATES: Effective Dates: The provisions in this interim final rule related to loan forgiveness
and deferral periods for PPP loans are effective March 27, 2020. The provision in this interim
final rule relating to the maturity date of PPP loans is effective June 5, 2020. The remaining
provisions in this interim final rule are effective [INSERT DATE OF FILING AT THE OFFICE
OF THE FEDERAL REGISTER].
Comment Date: Comments must be received on or before [INSERT DATE 30 DAYS AFTER
DATE OF PUBLICATION IN THE FEDERAL REGISTER].
ADDRESSES: You may submit comments, identified by number SBA-2020-0035, through the
Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting
comments.
SBA will post all comments on www.regulations.gov. If you wish to submit confidential
business information (CBI) as defined in the User Notice at www.regulations.gov, please send an
email to ppp-ifr@sba.gov. Highlight the information that you consider to be CBI and explain
why you believe SBA should hold this information as confidential. SBA will review the
information and make the final determination whether it will publish the information.
FOR FURTHER INFORMATION CONTACT: A Call Center Representative at 833-572-0502,
or the local SBA Field Office; the list of offices can be found at https://www.sba.gov/tools/local-
assistance/districtoffices.
SUPPLEMENTARY INFORMATION:
I. Background Information
On March 13, 2020, President Trump declared the ongoing Coronavirus Disease 2019
(COVID-19) pandemic of sufficient severity and magnitude to warrant an emergency declaration
for all states, territories, and the District of Columbia. With the COVID-19 emergency, many
small businesses nationwide are experiencing economic hardship as a direct result of the Federal,
State, and local public health measures that are being taken to minimize the public’s exposure to
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the virus. These measures, some of which are government-mandated, have been implemented
nationwide and include the closures of restaurants, bars, and gyms. In addition, based on the
advice of public health officials, other measures, such as keeping a safe distance from others or
even stay-at-home orders, have been implemented, resulting in a dramatic decrease in economic
activity as the public avoids malls, retail stores, and other businesses.
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic
Security Act (the CARES Act or the Act) (Pub. L. 116-136) to provide emergency assistance and
health care response for individuals, families, and businesses affected by the coronavirus
pandemic. The Small Business Administration (SBA) received funding and authority through
the Act to modify existing loan programs and establish a new loan program to assist small
businesses nationwide adversely impacted by the COVID-19 emergency.
Section 1102 of the Act temporarily permits SBA to guarantee 100 percent of 7(a) loans
under a new program titled the “Paycheck Protection Program.” Section 1106 of the Act
provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under
the Paycheck Protection Program. A more detailed discussion of sections 1102 and 1106 of the
Act is found in section III below.
On April 24, 2020, the President signed the Paycheck Protection Program and Health Care
Enhancement Act (Pub. L. 116-139), which provided additional funding and authority for the
PPP. On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of
2020 (Flexibility Act) (Pub. L. 116-142), which changes key provisions of the Paycheck
Protection Program, including provisions relating to the maturity of PPP loans, the deferral of
PPP loan payments, and the forgiveness of PPP loans. Section 3(d) of the Flexibility Act
provides that the amendments relating to PPP loan forgiveness and extension of the deferral
3
period for PPP loans shall be effective as if included in the CARES Act, which means that they
are retroactive to March 27, 2020. Section 2 of the Flexibility Act provides that the amendment
relating to the extension of the maturity date for PPP loans shall take effect on the date of
enactment (June 5, 2020). Under the Flexibility Act, the extension of the maturity date for PPP
loans is applicable to PPP loans made on or after that date, and lenders and borrowers may
mutually agree to modify PPP loans made before such date to reflect the longer maturity.
II. Comments and Retroactive/Immediate Effective Date
This interim final rule is effective without advance notice and public comment because
section 1114 of the CARES Act authorizes SBA to issue regulations to implement Title I of the
Act without regard to notice requirements. In addition, SBA has determined that there is good
cause for dispensing with advance public notice and comment on the grounds that that it would
be contrary to the public interest. Specifically, advance public notice and comment would defeat
the purpose of this interim final rule given that SBA’s authority to guarantee PPP loans expires
on June 30, 2020, and that many PPP borrowers can now apply for loan forgiveness following
the end of their eight-week covered period. Providing borrowers and lenders with certainty on
both loan requirements and loan forgiveness requirements following the enactment of the
Flexibility Act will enhance the ability of lenders to make loans and process loan forgiveness
applications, particularly in light of the fact that most of the Flexibility Act’s provisions are
retroactive to March 27, 2020. Specifically, small businesses that have yet to apply for and
receive a PPP loan need to be informed of the terms of PPP loans as soon as possible, because
the last day on which a lender can obtain an SBA loan number for a PPP loan is June 30, 2020.
Borrowers who already have applied for and received a PPP loan need certainty regarding how
loan proceeds must be used during the covered period, as amended by the Flexibility Act, so that
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they can maximize the amount of loan forgiveness. These same reasons provide good cause for
SBA to dispense with the 30-day delayed effective date provided in the Administrative
Procedure Act. Although this interim final rule is effective on or before date of filing, comments
are solicited from interested members of the public on all aspects of the interim final rule,
including section III below. These comments must be submitted on or before [INSERT DATE
30 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER]. The SBA will
consider these comments, comments received on the interim final rule posted on April 2, 2020
(the First Interim Final Rule), and the need for making any revisions as a result of these
comments.
III. Paycheck Protection Program – Revisions to First Interim Final Rule (85 FR 20811)
Overview
The CARES Act was enacted to provide immediate assistance to individuals, families, and
businesses affected by the COVID-19 emergency. Among the provisions contained in the
CARES Act are provisions authorizing SBA to temporarily guarantee loans under a new 7(a)
loan program titled the “Paycheck Protection Program.” Loans guaranteed under the Paycheck
Protection Program (PPP) will be 100 percent guaranteed by SBA, and the full principal amount
of the loans may qualify for loan forgiveness. The Flexibility Act amends the CARES Act and
amends provisions relating to loan terms and loan forgiveness. The purpose of this interim final
rule is to make changes to the First Interim Final Rule, posted on SBA’s website on April 2,
2020, and published in the Federal Register on April 15, 2020 (85 FR 20811). The First Interim
Final Rule, as amended by this interim final rule, should be interpreted consistent with the
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frequently asked questions (FAQs) regarding the PPP that are posted on SBA’s website 1 and the
other interim final rules issued regarding the PPP. 2
1. Changes to the First Interim Final Rule
a. Covered Period for PPP Loans
Section 3(a) of the Flexibility Act amended the definition of “covered period” for a PPP loan
from “the period beginning on February 15, 2020 and ending on June 30, 2020” to “the
period beginning on February 15, 2020 and ending on December 31, 2020.” Therefore, Part
III.2.g.iii. of the First Interim Final Rule (85 FR 20811, 20813) is revised by striking “June
30, 2020” and replacing it with “December 31, 2020”. Section 3(d) of the Flexibility Act
provides that this amendment shall be effective as if included in the CARES Act, which was
signed into law on March 27, 2020.
This amendment by the Flexibility Act applies to the definition of “covered period” that
appears in section 1102 of the CARES Act, governing loan use, loan eligibility, and related
requirements. It does not alter the meaning of “covered period” that appears in section 1106
of the CARES Act governing loan forgiveness, which is addressed by a different provision of
the Flexibility Act.
b. Maturity Date for PPP Loans
Section 2(a) of the Flexibility Act amended the CARES Act to provide a minimum maturity
of five years for all PPP loans made on or after the date of enactment of the Flexibility Act.
Therefore, Part III.2.j. of the First Interim Final Rule (85 FR 20811, 20813) is revised to read
as follows:
j. What will be the maturity date on a PPP loan?
1
See https://www.sba.gov/document/support--faq-lenders-borrowers.
2
See https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
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For loans made before June 5, 2020, the maturity is two years; however,
borrowers and lenders may mutually agree to extend the maturity of such loans to
five years. For loans made on or after June 5, the maturity is five years.
Section 2 of the Paycheck Protection Program Flexibility Act of 2020 (Flexibility
Act) amended the CARES Act to provide a minimum maturity of 5 years for all
PPP loans made on or after its enactment. The Administrator, in consultation
with the Secretary, determined that the date SBA assigns a loan number to the
PPP loan provides an efficient, transparent, and auditable means of determining
when a PPP loan is “made” that provides certainty to lenders. While the CARES
Act provides that a loan will have a maximum maturity of up to ten years from the
date the borrower applies for loan forgiveness, the Administrator, in consultation
with the Secretary, determined that a five-year loan term is sufficient in light of
the temporary economic dislocations caused by the coronavirus. Specifically, the
considerable economic disruption caused by the coronavirus is expected to abate
well before the five-year maturity date such that borrowers will be able to resume
business operations and pay off any outstanding balances on their PPP loans.
c. Deferral Period for PPP Loans
Section 3(c) of the Flexibility Act extended the deferral period on PPP loans. Therefore, Part
III.2.n. of the First Interim Final Rule (85 FR 20811, 20813) is revised to read as follows:
n. When will I have to begin paying principal and interest on my PPP loan?
If you submit to your lender a loan forgiveness application within 10 months after
the end of your loan forgiveness covered period, you will not have to make any
payments of principal or interest on your loan before the date on which SBA
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remits the loan forgiveness amount on your loan to your lender (or notifies your
lender that no loan forgiveness is allowed).
Your “loan forgiveness covered period” is the 24-week period beginning on the
date your PPP loan is disbursed; however, if your PPP loan was made before June
5, 2020, you may elect to have your loan forgiveness covered period be the eight-
week period beginning on the date your PPP loan was disbursed. 3 Your lender
must notify you of remittance by SBA of the loan forgiveness amount (or notify
you that SBA determined that no loan forgiveness is allowed) and the date your
first payment is due. Interest continues to accrue during the deferment period.
If you do not submit to your lender a loan forgiveness application within 10
months after the end of your loan forgiveness covered period, you must begin
paying principal and interest after that period. For example, if a borrower’s PPP
loan is disbursed on June 25, 2020, the 24-week period ends on December 10,
2020. If the borrower does not submit a loan forgiveness application to its lender
by October 10, 2021, the borrower must begin making payments on or after
October 10, 2021.
d. Loan Forgiveness
Section 3(b) of the Flexibility Act amended the requirements concerning forgiveness of PPP
loans to reduce the amount of PPP loan proceeds that must be used for payroll costs in order
to be forgivable, and the law also created a new exemption for borrowers to avoid a reduction
in loan forgiveness amount when they have a reduction in full-time equivalent employees.
While the Flexibility Act provides that a borrower shall use at least 60 percent of the PPP
3
Under section 3(b)(1) of the Flexibility Act, the loan forgiveness covered period of any borrower will end no later
than December 31, 2020.
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loan for payroll costs to receive loan forgiveness, the Administrator, in consultation with the
Secretary, interprets this requirement as a proportional limit on nonpayroll costs as a share of
the borrower’s loan forgiveness amount, rather than as a threshold for receiving any loan
forgiveness. This interpretation is consistent with the new safe harbor in the Flexibility Act.
The new safe harbor provides that if a borrower is unable to rehire previously employed
individuals or similarly qualified employees, the borrower will not have its loan forgiveness
amount reduced based on the reduction in full-time equivalent employees. It would be
incongruous to interpret the Flexibility Act’s 60 percent requirement as a threshold for
receiving any loan forgiveness, because in some cases it would directly conflict with the
flexibility provided by the new safe harbor. Further, the 60 percent requirement in the
Flexibility Act was enacted against the backdrop of SBA’s existing rules governing the PPP,
which Congress was aware of and which provided for proportional reductions in loan
forgiveness for borrowers that used less than 75% of their loan amount during the eight-week
covered period for payroll costs. In addition, this interpretation of the 60 percent requirement
under the Flexibility Act is most consistent with Congress’s purpose in that legislation –
namely, to increase the flexibility provided to borrowers related to PPP loan forgiveness.
In addition, as noted in paragraph d. above, in seeking loan forgiveness, an eligible borrower
whose loan was made before June 5, 2020 may elect to apply the original eight-week covered
period under the CARES Act instead of the 24-week covered period referenced above. See
Flexibility Act, section 3(b)(3).
SBA will be issuing revisions to its interim final rules on loan forgiveness and loan review
procedures to address amendments the Flexibility Act made to the loan forgiveness
requirements. SBA will also be issuing additional guidance on advance purchases of PPP
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loans, which will include any effect of the amendments made to the loan forgiveness
requirements. For the reasons described above, Part III.2.o. of the First Interim Final Rule
(85 FR 20811, 20813) is revised to read as follows:
o. Can my PPP loan be forgiven in whole or in part?
Yes. The amount of loan forgiveness can be up to the full principal amount of the
loan and any accrued interest. An eligible borrower will not be responsible for
any loan payment if the borrower uses all of the loan proceeds for forgivable
purposes as described below and employee and compensation levels are
maintained or, if not, an applicable safe harbor applies. The actual amount of
loan forgiveness will depend, in part, on the total amount of payroll costs,
payments of interest on mortgage obligations incurred before February 15, 2020,
rent payments on leases dated before February 15, 2020, and utility payments for
service that began before February 15, 2020, over the loan forgiveness covered
period. However, to receive full loan forgiveness, a borrower must use at least 60
percent of the PPP loan for payroll costs, and not more than 40 percent of the loan
forgiveness amount may be attributable to nonpayroll costs. For example, if a
borrower uses 59 percent of its PPP loan for payroll costs, it will not receive the
full amount of loan forgiveness it might otherwise be eligible to receive. Instead,
the borrower will receive partial loan forgiveness, based on the requirement that
60 percent of the forgiveness amount must be attributable to payroll costs. For
example, if a borrower receives a $100,000 PPP loan, and during the covered
period the borrower spends $54,000 (or 54 percent) of its loan on payroll costs,
then because the borrower used less than 60 percent of its loan on payroll costs,
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the maximum amount of loan forgiveness the borrower may receive is $90,000
(with $54,000 in payroll costs constituting 60 percent of the forgiveness amount
and $36,000 in nonpayroll costs constituting 40 percent of the forgiveness
amount).
e. Use of PPP Loan Proceeds
For consistency with the amendments made in the Flexibility Act regarding the percentage of
loan proceeds that must be used for payroll costs in order to be forgiven, discussed in
paragraph 2.e. above, Part III.2.r. of the First Interim Final Rule (85 FR 20811, 20814) is
revised to read as follows:
r. How can PPP loans be used?
The proceeds of a PPP loan are to be used for:
i. payroll costs (as defined in the Act and in 2.f.);
ii. costs related to the continuation of group health care benefits during
periods of paid sick, medical, or family leave, and insurance premiums;
iii. mortgage interest payments (but not mortgage prepayments or principal
payments);
iv. rent payments;
v. utility payments;
vi. interest payments on any other debt obligations that were incurred before
February 15, 2020; and/or
vii. refinancing an SBA EIDL loan made between January 31, 2020 and April
3, 2020. If you received an SBA EIDL loan from January 31, 2020
through April 3, 2020, you can apply for a PPP loan. If your EIDL loan
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was not used for payroll costs, it does not affect your eligibility for a PPP
loan. If your EIDL loan was used for payroll costs, your PPP loan must be
used to refinance your EIDL loan. Proceeds from any advance up to
$10,000 on the EIDL loan will be deducted from the loan forgiveness
amount on the PPP loan.
At least 60 percent of the PPP loan proceeds shall be used for payroll costs. For
purposes of determining the percentage of use of proceeds for payroll costs, the
amount of any EIDL refinanced will be included. For purposes of loan
forgiveness, however, the borrower will have to document the proceeds used for
payroll costs in order to determine the amount of forgiveness. While the Act
provides that PPP loan proceeds may be used for the purposes listed above and for
other allowable uses described in section 7(a) of the Small Business Act (15
U.S.C. 636(a)), the Administrator believes that finite appropriations and the
structure of the Act warrant a requirement that borrowers use a substantial portion
of the loan proceeds for payroll costs, consistent with Congress’ overarching goal
of keeping workers paid and employed. This percentage is consistent with the
limitation on the forgiveness amount set forth in the Flexibility Act. This
limitation on use of the loan funds will help to ensure that the finite appropriations
available for these loans are directed toward payroll protection, as each loan that
is issued depletes the appropriation, regardless of whether portions of the loan are
later forgiven.
f. Borrower Certifications
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For consistency with the changes discussed in paragraphs 2.e. and f. above, Parts III.2.t.iii.,
iv., and v. of the First Interim Final Rule (85 FR 20811, 20814) are revised to read as
follows:
t. What certifications need to be made?
***
iii. The funds will be used to retain workers and maintain payroll or make
mortgage interest payments, lease payments, and utility payments; I
understand that if the funds are knowingly used for unauthorized purposes,
the Federal Government may hold me legally liable such as for charges of
fraud. As explained above, not more than 40 percent of loan proceeds may
be used for nonpayroll costs.
iv. Documentation verifying the number of full-time equivalent employees on
payroll as well as the dollar amounts of payroll costs, covered mortgage
interest payments, covered rent payments, and covered utilities for the
loan forgiveness covered period for the loan will be provided to the lender.
v. Loan forgiveness will be provided for the sum of documented payroll
costs, covered mortgage interest payments, covered rent payments, and
covered utility payments. As explained above, not more than 40 percent of
the forgiven amount may be used for nonpayroll costs.
***
2. Additional Information
SBA may provide further guidance, if needed, through SBA notices which will be posted on
SBA’s website at www.sba.gov. Questions on the Paycheck Protection Program may be directed
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to the Lender Relations Specialist in the local SBA Field Office. The local SBA Field Office
may be found at https://www.sba.gov/tools/local-assistance/districtoffices.
Compliance with Executive Orders 12866, 12988, 13132, 13563, and 13771, the Paperwork
Reduction Act (44 U.S.C. Ch. 35), and the Regulatory Flexibility Act (5 U.S.C. 601-612).
Executive Orders 12866, 13563, and 13771
This interim final rule is economically significant for the purposes of Executive Orders
12866 and 13563, and is considered a major rule under the Congressional Review Act. SBA,
however, is proceeding under the emergency provision at Executive Order 12866 Section
6(a)(3)(D) based on the need to move expeditiously to mitigate the current economic conditions
arising from the COVID–19 emergency. This rule’s designation under Executive Order 13771
will be informed by public comment.
This rule is necessary to implement Sections 1102 and 1106 of the CARES Act and the
Flexibility Act in order to provide economic relief to small businesses nationwide adversely
impacted under the COVID-19 Emergency Declaration. We anticipate that this rule will result in
substantial benefits to small businesses, their employees, and the communities they
serve. However, we lack data to estimate the effects of this rule.
Executive Order 12988
SBA has drafted this rule, to the extent practicable, in accordance with the standards set forth
in section 3(a) and 3(b)(2) of Executive Order 12988, to minimize litigation, eliminate
ambiguity, and reduce burden. The rule has no preemptive effect but does have a limited
retroactive effect consistent with section 3(d) of the Flexibility Act.
Executive Order 13132
SBA has determined that this rule will not have substantial direct effects on the States, on the
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relationship between the National Government and the States, or on the distribution of power and
responsibilities among the various layers of government. Therefore, SBA has determined that
this rule has no federalism implications warranting preparation of a federalism assessment.
Paperwork Reduction Act, 44 U.S.C. Chapter 35
SBA has determined that this rule will modify existing recordkeeping or reporting
requirements under the Paperwork Reduction Act. The amendments to the PPP made by the
Flexibility Act and implemented in this interim final rule will require conforming revisions to the
PPP Borrower Application Form (SBA Form 2483), the PPP Lender Application Form (SBA
Form 2484), and the PPP Loan Forgiveness Application (SBA Form 3508). SBA will submit the
modified forms to OMB for approval as a modification to the existing PPP information
collection. This information collection is currently approved as an emergency request under
OMB Control Number 3245-0407 until October 31, 2020.
Regulatory Flexibility Act (RFA)
The Regulatory Flexibility Act (RFA) generally requires that when an agency issues a
proposed rule, or a final rule pursuant to section 553(b) of the APA or another law, the agency
must prepare a regulatory flexibility analysis that meets the requirements of the RFA and publish
such analysis in the Federal Register. 5 U.S.C. 603, 604. Specifically, the RFA normally requires
agencies to describe the impact of a rulemaking on small entities by providing a regulatory
impact analysis. Such analysis must address the consideration of regulatory options that would
lessen the economic effect of the rule on small entities. The RFA defines a ‘‘small entity’’ as (1)
a proprietary firm meeting the size standards of the Small Business Administration (SBA); (2) a
nonprofit organization that is not dominant in its field; or (3) a small government jurisdiction
with a population of less than 50,000. 5 U.S.C. 601(3)–(6). Except for such small government
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jurisdictions, neither State nor local governments are ‘‘small entities.’’ Similarly, for purposes of
the RFA, individual persons are not small entities.
The requirement to conduct a regulatory impact analysis does not apply if the head of the
agency “certifies that the rule will not, if promulgated, have a significant economic impact on a
substantial number of small entities.” 5 U.S.C. 605(b). The agency must, however, publish the
certification in the Federal Register at the time of publication of the rule, “along with a statement
providing the factual basis for such certification.” If the agency head has not waived the
requirements for a regulatory flexibility analysis in accordance with the RFA’s waiver provision,
and no other RFA exception applies, the agency must prepare the regulatory flexibility analysis
and publish it in the Federal Register at the time of promulgation or, if the rule is promulgated in
response to an emergency that makes timely compliance impracticable, within 180 days of
publication of the final rule. 5 U.S.C. 604(a), 608(b).
Rules that are exempt from notice and comment are also exempt from the RFA requirements,
including conducting a regulatory flexibility analysis, when among other things the agency for
good cause finds that notice and public procedure are impracticable, unnecessary, or contrary to
the public interest. Small Business Administration’s Office of Advocacy guide: How to Comply
with the Regulatory Flexibility Ac. Ch.1. p.9. Accordingly, SBA is not required to conduct a
regulatory flexibility analysis.
Authority: 15 U.S.C. 636(a)(36); Paycheck Protection Program Flexibility Act of 2020, Pub. L.
No. 116-142; Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136, Section
1114.
Jovita Carranza,
Administrator
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